Government rebates for electric car purchases or leases won’t be available to New Jersey residents — at least not right now — since the state program is so well-liked that funding is already running low, according to authorities.
According to the state’s Board of Public Utilities, the Charge Up New Jersey program has distributed around $35 million for the fiscal year that ends in July. The board said on Monday that it was pausing the program because, based on the current rate of application approvals and qualifying car orders, all the designated cash would shortly be distributed.
The initiative, which is now in its third year, offers state citizens up to $4,000 immediately when they purchase or lease a new electric vehicle. According to Kelley Blue Book, the average price of an EV now is above $58,000, making them out of reach for many American households. The goal of federal tax credits and other incentives is to lower prices and increase consumer interest.
The utilities board of next Jersey predicts the program would assist in the purchase or lease of more than 10,000 automobiles this fiscal year, and it should resume operations on July 1 when the next fiscal year begins.
Peter Peretzman, a spokesman for the Board of Public Utilities, said on Tuesday that he wasn’t certain whether there are plans to boost the program’s financing for the next fiscal year.
The utility board projects that the program will have given more than $90 million in incentives for leasing or purchasing almost 25,000 EVs after its start in May 2020.
According to the board, there will be more than 91,000 electric vehicles on state roads by the end of 2022, and EV sales in New Jersey last year accounted for 8% of all new car sales.
One of the states with effective incentives for electric vehicles is New Jersey. Next month, a rebate program in Oregon will likewise have to come to an end because there are too many applicants and not enough funds.
By 2032, up to two-thirds of new cars sold in the United States would have to be electric, which would represent a roughly tenfold increase over current sales of electric vehicles.
These strict auto emission rules have been suggested by the Biden administration.
The Environmental Protection Agency’s proposed regulation, which was released last week, would impose the harshest tailpipe pollution restrictions ever. It would apply to model years 2027 through 2032.
The proposed tailpipe pollution restrictions set limitations on greenhouse gas emissions rather than imposing a quota on the annual sales of electric vehicles. The EPA estimates that by 2030, at least 60% of new passenger vehicles sold in the U.S. will be electric and that number might rise to 67% by 2032, depending on how automakers comply.
Environmental groups claim that stricter tailpipe pollution standards are necessary to clean the air we breathe and stop the worst of climate change’s future harms, including even more extreme weather events.
However, a new poll released last week shows that many Americans aren’t yet sold on going electric for their next cars, with high prices and a lack of charging stations serving as the main deterrents.